1 January 2024 v2025.59.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP146558302024-01-012024-12-31146558302024-12-31146558302023-12-3114655830core:WithinOneYear2024-12-3114655830core:WithinOneYear2023-12-3114655830core:ShareCapital2024-12-3114655830core:ShareCapital2023-12-3114655830core:RetainedEarningsAccumulatedLosses2024-12-3114655830core:RetainedEarningsAccumulatedLosses2023-12-3114655830bus:Director12024-01-012024-12-3114655830bus:RegisteredOffice2024-01-012024-12-3114655830core:NetGoodwill2024-01-012024-12-3114655830core:Goodwill2024-01-012024-12-3114655830core:OtherResidualIntangibleAssets2024-01-012024-12-31146558302023-02-102023-12-3114655830core:NetGoodwill2024-12-3114655830core:IntangibleAssetsOtherThanGoodwill2024-12-3114655830core:NetGoodwill2024-01-0114655830core:IntangibleAssetsOtherThanGoodwill2024-01-01146558302024-01-0114655830core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3114655830core:NetGoodwill2023-12-3114655830core:IntangibleAssetsOtherThanGoodwill2023-12-311465583012024-01-012024-12-3114655830countries:EnglandWales2024-01-012024-12-3114655830bus:AuditExemptWithAccountantsReport2024-01-012024-12-3114655830bus:PrivateLimitedCompanyLtd2024-01-012024-12-3114655830bus:SmallEntities2024-01-012024-12-3114655830bus:FullAccounts2024-01-012024-12-31
Company registration number:
14655830
Tenacious Halfway Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2024
Tenacious Halfway Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Tenacious Halfway Limited
Year ended
31 December 2024
As described on the statement of financial position, the Board of Directors of
Tenacious Halfway Limited
are responsible for the preparation of the
financial statements
for the year ended
31 December 2024
, which comprise the income statement, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Fistral Accounting
Chartered Accountants
Mor Workspace
Treloggan Lane
Newquay
Cornwall
TR7 2FP
United Kingdom
Date:
11 September 2025
Tenacious Halfway Limited
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Intangible assets 5
152,004
 
171,004
 
Current assets    
Stocks
29,079
 
5,101
 
Debtors 6
12,092
 
14,566
 
Cash at bank and in hand
35,666
 
40,072
 
76,837
 
59,739
 
Creditors: amounts falling due within one year 7
(821,303
 )
(322,644
 )
Net current liabilities
(744,466
 )
(262,905
 )
Total assets less current liabilities (592,462 ) (91,901 )
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
(592,463
 )
(91,902
 )
Shareholders deficit
(592,462
 )
(91,901
 )
For the year ending
31 December 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
11 September 2025
, and are signed on behalf of the board by:
Mr John Adrian Alexander Clarke
Director
Company registration number:
14655830
Tenacious Halfway Limited
Notes to the Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
11 Shepherd Market
,
London
,
England
,
W1J 7PG
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

As at the period end date the Statement of Financial Position showed a net liability position amounting to £592,462 (2023: £91,901) and losses for the period of £500,561 (2023: £91,902). The director has prepared these financial statements on the going concern basis. At the time of approving these financial statements and in coming to this conclusion, the director has assessed current trade and expected future performance and support for the company. The company is reliant upon ongoing support from investment funds and group undertakings who have confirmed financial support for at least twelve months from the date of approval of these financial statements. Therefore the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on delivery of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired. Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
10% straight line
Other intangible assets
10% straight line

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when It is technically feasible to complete the intangible asset so that it will be available for use or sale; there is the intention to complete the intangible asset and use or sell it; there is the ability to use or sell the intangible asset; the use or sale of the intangible asset will generate probable future economic benefits; there are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and the expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. All foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1.00
).

5 Intangible assets

GoodwillOther intangible assetsTotal
£££
Cost      
At
1 January 2024
and
31 December 2024
40,004
 
150,000
 
190,004
 
Amortisation      
At
1 January 2024
4,000
 
15,000
 
19,000
 
Charge
4,000
 
15,000
 
19,000
 
At
31 December 2024
8,000
 
30,000
 
38,000
 
Carrying amount      
At
31 December 2024
32,004
 
120,000
 
152,004
 
At 31 December 2023
36,004
 
135,000
 
171,004
 
During the prior period, the company purchased the Business and Assets of CiiTech Ltd for £210,000. The Intellectual Property Rights and Goodwill have been recognised as Intangible Assets within Fixed Assets on the Statement of Financial Position. The useful economic life for the Intellectual Property Rights and Goodwill has been restricted to 10 years, due to the absence of an evidence based reliable estimate. Amortisation, at 10% per annum, is recognised in the Income Statement within Administrative expenses.

6 Debtors

20242023
££
Amounts owed by group undertakings and undertakings in which the company has a participating interest
313
  -  
Other debtors
11,779
 
14,566
 
12,092
 
14,566
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
16,934
 
17,907
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
797,621
 
272,206
 
Taxation and social security -  
19,088
 
Other creditors
6,748
 
13,443
 
821,303
 
322,644
 

9 Controlling party

The company is controlled by Mr John Adrian Alexander Clarke. Mr Clarke has the power to direct the activities of the company, including the ability to appoint or remove the directors.